About 60 per cent of self-managed super funds have set up a company to be the trustee. It’s well-known that super law stipulates that as a general rule, the directors of this company have to be the same people as the members of the SMSF. The idea is that anyone who wants to belong to an SMSF also has to take responsibility for running it.

But like all other companies, those set up to be trustees of SMSFs don’t just have directors, they also have shareholders.